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Prov Equity's NexTag seeks $250M in loans to fund acquisitions, pay dividend

Posted 12/7/10

NexTag Inc., a comparison-shopping website, is seeking $250 million in bank loans to fund acquisitions and to pay a dividend to shareholders, according to a Moody’s Investors Service report.

Deutsche Bank, JPMorgan Chase & Co. and Morgan Stanley are arranging the transaction, according to a person familiar with the deal. Societe Generale SA and Bank of America Corp. are co-managers.

The banks will hold a meeting with potential investors on Tuesday at 10 a.m. in New York, said the person, who declined to be identified because the terms are private.

The credit facility will include a $200 million term loan B due 2017 and a $50 million revolving credit line due 2016, according to the report. Moody’s rated the loans B1.

Leverage, or adjusted total debt to earnings before interest, taxes, depreciation and amortization, will be 2.9 times after the financing is completed, Moody’s said in the report.

NexTag is owned by Providence Equity Partners, according to the private-equity firm’s website.

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